Hungarian pharm companies to expand activity in Azerbaijan

Several Hungarian pharmaceutical companies intend to expand their activity on the Azerbaijani market, by increasing supply of products.

Pharmaceutical production, one of the major areas of the Hungarian economy, is the main direction of Hungary’s exports to the east, including Azerbaijani market.

Hungary supplies 135 kinds of medicines to Azerbaijan, but there is even bigger potential for the development of cooperation in this sector.

Hungarian companies intend to present their offers during the meetings to be held in October of 2017, as a part of the scheduled meeting of the intergovernmental commission on trade and economic cooperation between two countries.

Previously, the Hungarian side proposed to establish cooperation between the Azerbaijani government and Hungarian Gedeon Richter Company.

Specific projects and proposals will be discussed during the meeting of the intergovernmental commission.

Official delegation led by Azerbaijani Minister of Economy Shahin Mustafayev, co-chairing the commission from the Azerbaijani side, will leave for Budapest to attend the meeting.

Hungarian Minister of Foreign Affairs Peter Szijjarto is the co-chairman of the commission from the Hungarian side.

Current bilateral economic relations and prospects for expanding economic cooperation will be discussed during the meeting.

Azerbaijan and Hungary outlined promising areas of cooperation during the negotiations at the level of foreign ministers, within the framework of Azerbaijani foreign minister’s official visit to Budapest last week.

According to the Azerbaijani Customs Committee, the trade turnover between Azerbaijan and Hungary amounted to $16.308 million in January-June of 2017, $361,900 out of that amount accounted for exports from Azerbaijan, $15.95 million – for import.